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Boosting Credit Score
I received two personal loans and one auto loan. One loan I have paid off, and the auto loan is new. I cannot get a student loan because of my credit score, and a past default because of a military contract misguidance. If I were to sell the car, would it boost my score high enough to get a $20,000 student loan?
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 The formula and weight of each individual component of a credit score is proprietary to the company computing the credit score. While we know that not paying a debt will bring the score down and paying on time will bring it up, we can't say what exact affect either has, and none of that would be an assurance that you would qualify for a $20,000 student loan. The granting of a student loan is up to the lender, their loan criteria and the rules of any investor or insurer with whom they work.
Talk to the lender of your choice for the student loan. If you don't qualify now, ask them what would help and handle your accounts based on that. If may be that selling your car wouldn't be necessary, or wouldn't solve your problem.
Published on BankingQuestions.com 4/26/07
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